Co-Living: Not Just For Millennials

The co-living phenomenon is not limited to young adults, as people of all ages are increasingly searching for innovative housing solutions.

Any conversation or casual search on Google for co-living will reveal a bias that many urbanistas are well-aware of: many people believe that co-living is an exclusively millennial phenomenon.

Nevermind every other age group, countless people are under the impression that the desire to live in a communal setting has become popular because of today’s young people. In reality, co-living is not just for the young because other generations face similar circumstances that are fueling the growth of communal living.

While millennials and their generational idiosyncrasies have undoubtedly increased demand for co-living communities, the trend of co-living is catching on because several concurrent trends are affecting people of all ages worldwide.

Millennials are low-hanging fruit

Of course, there’s a reason why millennials, a loose term referring to young professionals in their 20s and 30s, are seen as the stereotypical end-user for most co-living communities.

Naturally, university students are an important part of this demographic, and co-living has been normalized for several generations for this specific stage in life. After graduation, when people become young professionals, co-living also has been culturally normalized.

Additionally, young professionals have been flocking to large cities with tight real estate markets in search of well-paying jobs. Co-living thrives in areas where housing is notoriously unaffordable, and housing tends to be more expensive in places with healthy job markets.

Beyond these present-day economic realities, it’s widely perceived that millennials are much more open-minded when it comes to co-living. Other generations often view this generation as more inclined share physical space and be a part of a community of residential camaraderie.

While co-living fits neatly into several stereotypes about young people, in reality, millennials are the low-hanging fruit of the growing world of co-living. There are similar economic and cultural changes occurring that are accelerating the embrace of co-living worldwide.

Economic realities driving co-living are not limited to young folks

It’s not just millennials — housing affordability has become a major issue in the vast majority of metro areas around the globe, and every age group is actively impacted by this growing trend.

More often than not, wages and pensions have not kept up with rising real estate prices.

Furthermore, local residents, job seekers from other regions, and the global elite often compete with one another for limited housing stock in the world’s most prosperous cities. These economic factors make co-living an attractive option for those who wish to remain in their communities amidst a growing global housing crisis.

Another major factor driving co-living is the graying of the population in much of the industrialized world, where entire populations are aging quickly. Co-living can often be attractive, if not a necessary, option for people as they age.

Shifting cultural norms are intergenerational

Looking beyond the economic factors that have profoundly influenced the growth of co-living, one cannot discount shifting cultural norms that are influencing people of all ages and leading them to a co-living lifestyle.

In a digitally driven world where we’re more interconnected than ever, there’s a pervasive epidemic of loneliness. Countless people feel isolated by modern society, and there’s obviously a void in the world that needs to be fulfilled — the need for community.

In this sense, co-living is about much more than economic efficiency, it’s also about the natural human desire to create genuine communities where interaction is a part of daily life. For many, this perhaps is the most powerful element attracting them to co-living.

Millennials are only part of the co-living picture

In the end, millennials are an important demographic who are driving demand for co-living communities, but they’re by no means the only age group that’s embracing co-living. People of all ages are increasingly turning to co-living as a viable or even necessary alternative to traditional living arrangements.

In a world where growing cost and social isolation have become far too common, co-living is the solution for millions of people in every corner of the globe.